Metro One no longer in compliance with Nasdaq listing rules

KatherineHunt

SAN FRANCISCO (MarketWatch) -- Metro One Telecommunications Inc.
INFO, -3.53%
said after the closing bell on Friday that it has received notice from Nasdaq that it no longer complies with the exchange's independent director and audit committee requirements for continued listing. Earlier this month, James Usdan, an independent director on the audit committee, was named chief executive. Usdan resigned from the committee. Additionally, Roger Pringle, chair of the audit committee, submitted his resignation as an independent director on Oct. 4. As a result, Metro One's board is no longer composed of a majority of independent directors and the audit committee doesn't have the required three independent members. The company has until the earlier of its next annual shareholders' meeting or Oct. 4, 2006, to regain compliance. Metro One said it's considering the addition of independent directors.

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